Washington REIT (WRE) Misses Q4 EPS by 1c, Revenues Miss; Offers FY19 EPS Mid-Point Guidance Below Consensus

Washington REIT (NYSE: WRE) reported Q4 EPS of $0.07, $0.01 worse than the analyst estimate of $0.08. Revenue for the quarter came in at $82.9 million versus the consensus estimate of $83.66 million.

• Reported net income attributable to controlling interests of $5.7 million, or $0.07 per diluted share, for the quarter, compared to $2.3 million, or $0.03 per diluted share, for fourth quarter 2017
• Reported NAREIT FFO of $36.8 million, or $0.46 per diluted share, for the quarter, compared to $35.4 million, or $0.45 per diluted share, in fourth quarter 2017

"We delivered another year of solid operational performance with healthy same-store NOI growth and recycled office assets to further de-risk the portfolio while implementing a differentiated leasing strategy branded Space+ to maximize value-creation," said Paul T. McDermott, President and Chief Executive Officer. "As a result, we have entered 2019 with a higher-quality, better-located portfolio that is well-suited to meet the fastest-growing segments of demand in the DC Metro region: flexible space in office and value-oriented apartments in multifamily. We are working hard to lease our well-positioned commercial availabilities and to capitalize on demand opportunities, including those emerging from Amazon-related growth, with the goal of creating long-term value for our shareholders."

GUIDANCE:

Washington REIT sees FY2019 EPS of $0.21-$0.25, versus the consensus of $0.25.

For earnings history and earnings-related data on Washington REIT (WRE) click here.

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